break-even point

I have estimated the PGI's P/E based on 85% of designed production which is 85% of 69000/4 or 14662oz of gold per quarter.

Let me look at the numbers from a different angle, ie the break-even point.

A breakdown of the total cost per quarter:

Production cost US$ 7.0 m
Admin Cost US$ 1.0 m
Interest expense US$ 0.7 m
Depreciation US$ 3.0 m
Total Cost per quarter US$11.7m

How much does PGI have to produce in gold (excluding silver)per quarter to cover the US$11.7m cost?

8900 oz @ US$1320 per oz (Hedged)
7000 oz @ US$1650 per oz (current gold price)